# Canadian dollar falls by most since October as new virus strain clouds outlook - The Globe and Mail

> The Canadian dollar fell to a near three-week low against the US dollar on Monday before recovering much of the decline. The drop followed the spread of a new, more transmissible coronavirus strain in Britain, which prompted Canada and others to halt travel with the UK. US crude futures settled 2.8% lower at $47.74 a barrel.

- Date: 2020-12-21 · published 2020-12-21T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/49869-canadian-dollar-falls-by-most-since-october-as-new-virus-strain-clouds-outlook
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A risk-off move that pressures oil and the loonie, weakening commodity demand expectations and modestly supporting the US dollar. For feed buyers the effect on grain and meal prices is indirect.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-07-26 | [Canadian dollar posts longest losing streak in six years as oil falls - The Globe and Mail](https://feedsoft.ai/events/29504-canadian-dollar-posts-longest-losing-streak-in-six-years-as-oil-falls-the-globe.md) | -2.3% | -7.0% |
| WTI | 2024-01-02 | [Canadian dollar falls the most in 3 months, weighed by soft factory data - The Globe and Mail](https://feedsoft.ai/events/32340-canadian-dollar-falls-the-most-in-3-months-weighed-by-soft-factory-data-the.md) | -1.2% | +8.8% |
| WTI | 2020-01-29 | [Canadian dollar nears seven-week low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/55300-canadian-dollar-nears-seven-week-low-as-oil-prices-fall-the-globe-and-mail.md) | -7.1% | -8.8% |
| WTI | 2022-10-31 | [Canadian dollar slips to six-day low as oil prices fall - The Globe and Mail](https://feedsoft.ai/events/39347-canadian-dollar-slips-to-six-day-low-as-oil-prices-fall-the-globe-and-mail.md) | +5.4% | -12.2% |
| WTI | 2018-12-31 | [Canadian dollar ends 2018 with worst year since 2015 - The Globe and Mail](https://feedsoft.ai/events/61777-canadian-dollar-ends-2018-with-worst-year-since-2015-the-globe-and-mail.md) | +7.0% | +14.7% |

## Sources

- theglobeandmail.com: https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-canadian-dollar-falls-by-most-since-october-as-new-virus-strain-clouds/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.